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4 Tax reform While not generating nearly as much fanfare, 2014 was the course of 2014, more than 40% of countries experienced what we consider These are reform projects over and above the incremental, year-on-year tweaks and annual budgets that any given country typically carries out. It involves more wholesale changes to whole classes of tax (such as personal income taxes) as well as changes to business taxation that are designed to profoundly change the way either taxed. In 2014, the list of countries experiencing such change is long, including (among many others) Australia, Brazil, Chile, China, India, Italy, Japan, Russia, South Africa, Switzerland. 5 Collaboration Tax administrators, who launched a whole new phase of closer collaboration in 2014, are increasingly recognizing that the ability to look at international transactions and global businesses through a multilateral lens is far more effective than only understanding and seeing a domestic view. Increased cooperation has been made possible by the many international groups and forums dedicated to helping tax authorities share more information and knowledge — about processes, as well as taxpayers — to improve compliance and curb abuses. The past year saw a number of new ways in which tax administrations plan to collaborate more closely in the future. Top of the list was perhaps the November 2014 announcement of the creation of a new international platform called the Joint International Tax Shelter Information and Collaboration (JITSIC) 4 Network, whose objective will be to avoidance. This new body is open to all members on a voluntary basis and will integrate the existing JITSIC cooperation among some national tax administrators into the larger FTA framework. The communiqué also announced agreement on a strategy for “systematic and enhanced co-operation” between tax administrations, based on existing legal instruments that will “allow them to quickly understand and deal with global tax risks whenever and wherever they arise.” This essentially refers to a permanent secretariat that will allow ongoing coordination of collaborative efforts between annual meetings. Similarly, the communiqué issued at the Asian Tax Administration and Research 2014 outlined the creation of a new task The task force is designed to enable the discussions and to keep abreast of international developments and issues and tax transparency. According to the is already unprecedented and powerful global collaboration on these issues, and the creation of the task force will give a role, including relaying their views to international forums. are each substantial in their own right. But taken together, they show just what an important year 2014 was in the history of corporate taxation. And with much of the 2014 BEPS work either carried over or planned for later implementation, we are now in the midst of a multiyear period of change. 2015 will bring more change, as will 2016 when countries decide whether, when and how to implement the BEPS recommendations. 2014 proved to be an exciting time to be in the business of tax, and as the year unfolds, 2015 will be, too. 6 | The outlook for global tax policy in 2015 4 Formerly the Joint International Tax Shelter Information Centre.
Forecast of tax policy trends for 2015 The 32 countries we asked to provide 2015 tax policy forecasts cover more than 85% of global GDP 5 and include all of the BRICS nations. Chris Sanger EY, United Kingdom Rob Thomas EY, United States Under a revised methodology for our 2015 publication, we asked the EY tax policy leader in each country to provide us with a more detailed analysis change than in 2014. For each area of change, our policy professionals note developments that have either been announced by the time this publication which they considered were more likely than not to occur in 2015. The results are revealing and provide valuable insight into the overall direction of travel of tax policies around the world. At a high level, the long-term trend of countries moving toward a low-rate, broad-based corporate tax regime (as play out — even accelerating slightly. Seven of 32 countries surveyed (22%) have either already announced headline CIT rate reductions for 2015 or are expected to do so during the course of the year. 5 on 8 January 2015. The outlook for global tax policy in 2015 | 7
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Chile 2.11 Consultations opened/clo
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China 2 | 2015 tax policy outlook
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China • • Top marginal persona
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China 2.4 Tax policy outlook for 20
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China 2.10 Pending tax proposals
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Czech Republic 2 | 2015 tax policy
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Czech Republic 2.5 Fiscal stimulus
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Denmark 2.2 Fiscal consolidation vs
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Denmark 2.7 Current tax policy and
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Finland 2.2 Fiscal consolidation vs
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Finland 2.8 Key tax policy changes
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France 2.2 Fiscal consolidation vs.
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France exceeds €1 million. Remune
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Germany 2 | 2015 tax policy outlook
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Germany 2.4 Tax policy outlook for
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Germany 2.9 Country position on OEC
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Greece 2.2 Fiscal consolidation vs.
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Greece 2.7 Current tax policy and t
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Hungary 2.2 Fiscal consolidation vs
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Hungary 2.5 Fiscal stimulus in 2015
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India 2 | 2015 tax policy outlook 2
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India 2.4 Tax policy outlook for 20
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India • Action 8 • The Indian t
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Ireland 2.2 Fiscal consolidation vs
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Ireland 2.8 Key tax policy changes
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Ireland 2.11 Consultations opened/c
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Italy 2 | 2014 tax policy outlook 2
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Italy 2.7 Current tax policy and ta
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Japan 2.2 Fiscal consolidation vs.
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Japan • • for each stock owne
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Japan 2.9 Country position on OECD
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Luxembourg 2 | 2015 tax policy outl
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Luxembourg 2.4 Tax policy outlook f
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Luxembourg 2.10 Pending tax proposa
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Malaysia 2 | 2015 tax policy outloo
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Malaysia 2.3 Tax policy outlook for
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Malaysia 2.9 Country position on OE
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Mexico 2.2 Fiscal consolidation vs.
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Mexico 2.7 Current tax policy and t
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Netherlands • Additionally, the C
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Netherlands 2.4 Tax policy outlook
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Netherlands exemption, the tax tre
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New Zealand 2.2 Fiscal consolidatio
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New Zealand 2.6 Political landscape
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Poland 2.2 Fiscal consolidation vs.
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Poland 2.5 Fiscal stimulus in 2015
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Portugal 2 | 2015 tax policy outloo
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Portugal 2.4 Tax policy outlook for
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Russia 2 | 2015 tax policy outlook
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Russia 2.4 Tax policy outlook for 2
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Russia 2.9 Country position on OECD
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Slovak Republic 2.2 Fiscal consolid
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Slovak Republic VAT, GST and sales
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South Africa 2.2 Fiscal consolidati
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South Africa 2.8 Key tax policy cha
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South Korea 2.2 Fiscal consolidatio
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South Korea 2.6 Political landscape
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Spain 2.2 Fiscal consolidation vs.
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Spain 2.5 Fiscal stimulus in 2015
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Switzerland 2.2 Fiscal consolidatio
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Switzerland 2.5 Fiscal stimulus in
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Thailand • Continued sluggish eco
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Thailand 2.4 Tax policy outlook for
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Thailand 2.10 Pending tax proposals
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United Kingdom 2.2 Fiscal consolida
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United Kingdom 2.5 Fiscal stimulus
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United Kingdom 2.11 Consultations o
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United States • There is a desire
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United States 2.4 Tax policy outloo
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United States • Committee • C
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EY | Assurance | Tax | Transactions
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